Browsing: Service Charges

There are important distinctions between service charge funds and company funds and these differences have implications for RMC directors.

In Service Charge Accounting there are many circumstances when accounts are prepared without a Balancing Statement.

It is not uncommon for directors of RMCs to come under pressure to reduce costs such as the services of a reporting accountant.

If we set aside the Section 21 report then there are two options for reporting on service charge expenditure.

There can be few more pointless, useless and misleading reports in property management than the section 21 report.

The draft 3rd RICS Code included new requirements for all sources of income to be disclosed in a note to the annual service charge accounts.

TECH03/11 is the technical guidance note providing best practice guidance for the preparation of service charge accounts.

You probably know by now that you must hold service charge monies, and any interest accruing, by way of statutory trusts in accounts.

This is a guide to the law and professional best practice in relation to residential service charge accounting.

Here we take a look at some of the existing rights in relation to service charges and what leaseholders can do to challenge them.